Mired with the losses of large companies such as Solyndra and NUMMI in recent years, officials now have a hopeful outlook for the city’s economic future.
According to the Fremont Argus, officials presented positive budget news for the second year in a row at Tuesday’s City Council meeting.
The city projects a balanced $149.9 million budget for the 2013-14 fiscal year, which will make way for more jobs and the infrastructure for the Warm Springs development and other projects.
Multiple factors have contributed to Fremont’s recovery, such as the state’s overall economic improvement, increased employment, and stronger property and sales tax revenues.
According to the Argus, Fremont’s largest revenues come from property tax, which is expected to total $65.4 million this fiscal year.
Those revenues are strengthened by the increase in the median price of a home in Fremont. In Fremont, the median sales price in March was between $485,000 and $944,000, depending on which zip code the house was in.
Officials anticipate property tax revenues will rise by 4.5 percent next year, with a projected revenue of $68.7 million in the 2013-14 fiscal year, the Argus reports.
Sales tax revenues are also on the rise at nearly $35 million for the current fiscal year, with revenues expected to reach $37 million in the 2013-14 fiscal year.
Read the full Argus report here.
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